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Michael Bugeja

Michael Bugeja, a coin collector since childhood, is a professor at Iowa State University and also a former member of the Citizens Coinage Advisory Committee. He is a nationally known author, journalist and educator.

​Toned Peace Dollars

This beautifully toned Peace dollar was won with an $80 bid on Proxibid.

This beautifully toned Peace dollar was won with an $80 bid on Proxibid.

Whenever the topic of toned Peace dollars comes up in numismatic
conversations, someone usually remembers this famous quote by PCGS
co-founder David Hall:

“I am of the very strong opinion that any 1921 Peace dollar...indeed
any Peace dollar...that has any rainbow colors (blue, red, green,
etc.) is absolutely artificially toned. While not very scientific, my
approach to toning on coins is to remember the colors I saw in the
1960s and 1970s and if a new look appears, it's artificial to me. …”

Indeed, the vast majority — almost all, in fact — of Peace dollars
slabbed by PCGS and NGC are white, gray, or spottily streaked or
tarnished. But you can find some beautifully toned coins if you look
hard enough, and, when you do, a major grading company just might slab
the Peace dollar if the toning appears natural.

Why don’t Peace dollars tone like Morgans? Some believe the silver
used for Morgans had impurities that Peace dollars lack, thereby
resulting in rainbow patina. Fact is, rainbow toned Peace dollars are
rare, but you should still look for them online.

Albums sometimes tone Peace dollars, and if you search long enough,
you might identify one on Proxibid or eBay.

It goes without question that any Peace dollar with rainbow toning
will bring substantially higher premiums, if the coin appears in a
top-tier holder.

I won the uncertified 1922 Peace dollar pictured above with an $80
bid. It slabbed Mint State 65 at PCGS, worth $130. But I would wager
that this coin would bring $500 to $1,000 if consigned to a major
auction house.

Coin World last year ran
an article on a 1934-D Peace dollar with rainbow toning that
sold for $7,975. Typically, it would sell in MS-65 for about $1,200.

The demand for toned Peace dollars is so great that even ones graded
“questionable color” by PCGS go for high prices. That is why I invest
in TrueView photography, which also helps sales, especially if the
toning has a natural look to it.

For a recent example of such a coin, click here or enter the
PCGS certification number, 82683875.

This entry was posted on Mon Feb 06 11:06:46 EST 2017 and filed under Michael Bugeja. You can follow any responses to this entry through the Atom feed.